The Renewables Infrastructure Group, a subsidiary of InfraRed Capital, has launched a £50 million ($62.54 million; €53.91 million) share offer to help pay for the acquisition of a UK battery and wind project.
TRIG has priced its placement at £1.03 per share and will announce results on 30 March. It said in a statement the share offer is to help pay for the acquisition of a 20MW battery storage project in Scotland and a 30.6MW onshore wind farm in Wales.
The UK-listed vehicle first disclosed its energy storage deal to Infrastructure Investor in February, stating it would purchase a 100 percent interest in the project under construction in West Lothian, Scotland. RES is currently developing the project after it was procured by National Grid in May last year, the first of its kind to secure a frequency response contract in the UK.
TRIG also said it is working on closing a deal to buy a 100 percent interest in a 30.6MW wind farm in Powys, Wales. The project has no debt financing and is eligible for the UK government’s Renewable Obligation Certificate credits.
Both acquisitions are expected to be closed in the first half of 2017, according to TRIG. The renewables investor said that funds available from a £150 million acquisition facility with the Royal Bank of Scotland and National Australia Bank will be used to pay the remaining balance of the two acquisitions.
TRIG’s most recent share offer was held last September, when it sold over £62 million to pay for its purchase of a 22.5MW wind farm in Scotland.